Mysten Labs cofounder launches $1.3M fund for software engineers

Adeniyi Abiodun, co-founder of blockchain infrastructure firm Mysten Labs, and his wife, Gloria Abiodun, have launched a $1.3 million endowment fund to train African software engineers, addressing a critical talent shortage in the region’s growing tech ecosystem.

The five-year fund, managed by Inurere Foundation, will offer student loans to aspiring software engineers enrolled in the Techpreneurship programme run by Semicolon Africa, a Nigerian workforce development company, where participants will learn advanced programming languages, including Move, used for smart contract development. Meedl Africa, a fintech company, will facilitate the loans.

The fund will provide loans of approximately ₦5 million ($3,300) at 12% annual interest, with repayments recycled to support new students, ensuring the programme’s sustainability. Semicolon Africa, which has trained over 800 software engineers through the Techpreneurship programme, will place graduates into jobs after completing their training.

“Funds are recycled, meaning many more learners can be trained over time,” Ashley Immanuel, Semicolon COO told TechCabal. “This fund, which isn’t seeking a financial return, can attract other funding sources to offer affordable interest rates. Nigerian financial providers are interested in student loans, but with MPR at 27.5%, their rates are too high. Blending that ‘expensive’ capital with endowment funds can make loans more affordable.”

The initiative is a response to Africa’s shortage of blockchain engineering talent, which threatens to slow the growth of the region’s startup ecosystem. For Abiodun, the fund is personal. Before co-founding Mysten Labs, he held engineering roles at JP Morgan, HSBC, Oracle, and Meta’s Novi, the now-shuttered digital wallet project that allowed users to hold the Libra stablecoin.

“Supporting Nigerian students while inviting more builders to learn the programming language that has defined my career is immensely rewarding,” he said. “With the rise of AI and blockchain, we are committed to ensuring African students are high-level contributors to the global tech workforce.”

The demand for skilled tech talent in Africa is rising as the digital economy expands with a projection to reach $712 billion by 2050. Sam Immanuel, CEO of Semicolon Africa, said the initiative could serve as a model to bridge the education financing gap.

“We hope that more individuals—and companies—will follow in the Abioduns’ footsteps and invest in funds, like this endowment, that will engender sustainable talent development across the continent,” he said.